Venezuela's New Oil-Backed Cryptocurrency Aimed at Skirting U.S. Sanctions

ArticleDebt crisisDecember 5, 2017 - 3:32:29 AM

Surrounded by the American and international financial sanctions, Venezuela is seeking by all means to get out of the financial crisis that is hitting. Cryptocurrency is his new solution.

President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the “petro” backed by oil reserves to shore up a collapsed economy....


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